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Canada Exports, Imports Plunge in July

OTTAWA – Canada's trade deficit narrowed in July from the previous month, as exports declined steeply for a second straight month and imports fell by the most in over eight years.

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Canada's merchandise trade deficit in July came in at a seasonally adjusted 3.04 billion Canadian dollars ($2.46 billion), Statistics Canada said Wednesday, compared with a revised C$3.76 billion shortfall in the previous month.

Markets were anticipating a C$3.35 billion trade shortfall in July, according to economists at Royal Bank of Canada.

Canada's monthly trade data covers the export and import of goods and doesn't include services.